Portfolio Insights:“Ithaca College (the “College”) is a four-year, primarily undergraduate institution which offers a diversified program of professional and liberal arts studies. The College was founded in 1892 as the Ithaca Conservatory of Music, and became a nonprofit, private college in 1931.

The College evaluated its May 31, 2014 financial statements for subsequent events through October 17, 2014, the date the financial statements were issued. Except as discussed in Note 5, the College is not aware of any material subsequent events which would require recognition or disclosure in the financial statements.” (Source)

1) Ithaca College’s comprehensive environmental policy, adopted by the president in 2001, addresses purchasing, waste minimization, campus planning, energy efficiency, and water conservation. The college created the Sustainability at Ithaca program in 2009 and employs two full-time sustainability staff and an energy manager.

The college aims to optimize investment returns and does not invest the endowment in on-campus sustainability projects, renewable energy funds, or community development loan funds. The college’s investment policy reserves the right of the investment committee to restrict investments for any reason, which could include environmental and sustainability factors. (Source)

2) May 2013 – Ithaca College has named Gerald Hector Vice President of Finance and Administration. Hector, who has two decades of experience in financial management in both the higher education and private sectors, will join the college on July 1. He succeeds Carl Sgrecci, who announced last year that he would be stepping down from the post he has held since 2003.

Hector has served since 2004 as vice president of business and finance at Johnson C. Smith University, a historically black college in Charlotte, North Carolina. His achievements there have included playing a leading role in advancing the financial health and security of the university, helping create a campus master plan and strategic plan, overseeing several multimillion dollar construction and renovation projects and revising the enterprise resource planning system to streamline budget and accounting processes that are now all accessible online. (Source)

3) Acting as Ithaca College’s chief financial officer, Hector will be responsible for providing leadership and guidance in the development, implementation and administration of policies, programs and services for the Offices of Business and Finance, Human Resources, Information Technology Services and Facilities.

Nancy Pringle, vice president and general counsel and the chair of the search committee, said Hector is a perfect fit for the job. “He brings a wealth of experience in higher education financial management as well as a record of collaborative decision-making to this key position, and I look forward to working with him as part of the college’s senior leadership team.” (Source)

4) Thomas R. Rochon became the eighth president of Ithaca College on July 1, 2008. He holds a doctorate and a bachelor’s degree in political science from the University of Michigan, where he graduated with high distinction. Prior to his selection as the president of Ithaca College, Rochon served as executive vice president and chief academic officer of the University of St. Thomas, a master’s comprehensive university in Minnesota, where he oversaw the university’s six schools and colleges and, with the chief administrative officer, shared responsibility for the $150 million university budget. He worked to develop the academic vision of each unit and to set strategic directions; reorganized academic programs to create the School of Engineering; and helped launch a capital campaign centered on endowment support of students and faculty. An engaged civic leader, Rochon championed a university effort to strengthen community service and partnership activities in Minneapolis-St. Paul, leading to Carnegie Foundation classification for community engagement. Along with his administrative responsibilities, he was a tenured professor in St. Thomas’s political science department. (Source)

5) The $175 million Ithaca College endowment has hired a quartet of new alternative managers to handle some $23 million in commitments–marking the fund’s first foray into the asset class for diversification. The fund has carved out a 10% alternative investment allocation, and already has doled $4.5 million each to two new absolute return managers, Millenium Partners and Perry Partners, both in New York, and CapitalWorks, a directional hedge fund manager, said Carl Sgrecci, treasurer. Additionally the endowment has selected Commonfund to handle three new commitments, including $3.5 million investments each to U.S. venture capital and private equity funds, and $2 million to an international private equity fund. (Source)

About Richard C. Wilson

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